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Committee looks for accountability in tax credit programs

January 27, 2010 By

The General Assembly’s Joint Committee on Tax Policy is considering a series of recommendations regarding Missouri’s tax credit programs. But it looks as though it’s going to be a while before those proposals are drawn up and agreed to.

What is known is that there are 54 active tax credit programs in existence that offered $627 million in the 2009 fiscal year. In addition there were 132 tax exemptions. What is not known is the effectiveness of these tax credit programs. And legislators want to take a look at these programs to make sure Missouri is benefitting from them. [Read more...]

Filed Under: Business, Legislature, Taxes Tagged With:

Senator again calls for greater accountability for tax credits

January 14, 2010 By

A State Senator who has earned a reputation as an opponent of the process awarding tax credits is making another attempt to make the process more transparent. Senator Jason Crowell (R-Cape Girardeau) has railed, in the past, about tax credits that are part of much larger economic development bills, saying lawmakers can vote on the huge overall bills without having to vote up or down on the individual tax credits. Crowell has filibustered such bills in the past and might do it again this year.

“We’ll have to see how things progress,” said Crowell in an interview with the Missourinet. “My ultimate goal is to bring greater accountability and fiscal oversight to how we spend taxpayer resources.” [Read more...]

Filed Under: Legislature, Taxes Tagged With:

Revenue Department talks up Food Pantry Tax Credit

December 21, 2009 By

The Missouri Department of Revenue reminds Missourians who are looking for end-of-the-year tax breaks that donations to many food pantries qualify for the Missouri Food Pantry Tax Credit, which was passed by the Legislature in 2007.

“If you give a donation, and that can be either food or cash, to a qualified food pantry the donor can get a 50 percent tax credit on either their individual income tax or if they’re a business on their corporate income tax,” said Department of Revenue Communications Director Ted Farnen in an interview with the Missourinet. [Read more...]

Filed Under: Taxes Tagged With: ,

Legislature will again consider curbing power of MDFB to issue tax credits

December 1, 2009 By

The first day of pre-filing bills for the coming session of the General Assembly sees a State Senator revisiting an issue near and dear to his heart. Senator Jason Crowell (R-Cape Girardeau) is again attempting to strip the Missouri Development Finance Board (MDFB) of its power to grant tax credits and, instead, to have all tax credits put through the appropriations process in the Legislature. [Read more...]

Filed Under: Legislature Tagged With: ,